The two partners said in a letter to the Fortis board that they were extending their deadline in the wake of the Fortis board setting up an advisory panel to evaluate binding offers and make the final recommendation by April 26.

Promoters of Hero and Dabur groups have extended the validity of their improved, joint binding offer to invest Rs 1,500 crore in troubled healthcare chain Fortis Healthcare till May 4.

The two partners said in a letter to the Fortis board that they were extending their deadline in the wake of the Fortis board setting up an advisory panel to evaluate binding offers and make the final recommendation by April 26.

In a regulatory filing, Fortis Healthcare Ltd (FHL) said it has received a letter from Hero Enterprise Investment Office led by Hero group's Sunil Kant Munjal and Burman Family Office, promoters of Dabur group, extending the validity of their binding offer.

"We are hereby extending the validity period till May 4, 2018, or as otherwise extended by us in writing and the term of validity period in the improved offer letter should be construed accordingly," the letter said.

On April 18, Hero Enterprise Investment Office and Burman Family Office improved their binding offer with a proposal to invest Rs 1,500 crore directly at a valuation of Rs 161.6 per share, from the earlier Rs 1,250 crore.

They had stated that their improved offer was valid for five working days. Last week, Fortis board formed an expert panel, headed by former chairman and CEO of Price Waterhouse Coopers India, Deepak Kapoor. The other members of the panel are former MD & CEO of ICICI Venture Renuka Ramnath, and Society of Indian Law Firms president Lalit Bhasin.

Fortis Healthcare has become the target of a takeover battle with Malaysia's IHH Healthcare Bhd, Manipal Health Enterprises, Burmans and Munjals (jointly), Chinese firm Fosun Health Holdings and KKR-backed Radiant Life Care in the race to buy the cash-strapped company's hospital business.

It had received binding offers from Manipal/TPG consortium, and Munjal and Burman family offices. It received non-binding expression of interests from Malaysia's IHH Healthcare Berhad, Chinese firm Fosun Health Holdings and KKR-backed Radiant Life Care.

The Manipal/TPG-led consortium had raised their offer for Fortis to Rs 155 per share by valuing the hospital business higher at Rs 6,061 crore from Rs 5,003 crore in its initial offer on March 27.

Malaysia's IHH Healthcare had offered to acquire stake in the Indian firm at Rs 160 per share and also upped the ante by proposing to infuse Rs 4,000 crore through a preferential allotment of equity shares at a price not exceeding its offer share price.

Fortis Healthcare had also received an unsolicited nonbinding expression of interest from Fosun Health Holdings, an arm of Fosun International, with a proposal of primary infusion at a price up to Rs 156 per share up to a total investment of USD 350 million (over Rs 2,295 crore).

On the other hand, Radiant Life Care had offered to acquire at least 26 per cent stake in Fortis at Rs 126 per share, excluding its diagnostic business SRL.